=FOREIGN DIRECT INVESTMENT by Non resident Indian is prohibited in retail housing sector. ,(ie activity of buying selling residential houses, shops etc,) unless there is a development of infrastructural projects and townships.

= The charging section 22, under the head "Income from House property " , charges to the levy of tax of any house property- land or building appurtanent thereto, which is owned by the

assessee only for the purpose of his residence. The only exception is that the property should not be used for business of the assessee, then the income will be taxable under "Business Income or Incomefrom other Sources.".

=If any capital asset, forming part of the Block of asset , on which depreciation is allowed is sold during the year, then the provisions of short term capital gain U/S 50. gets trigerred,-

only when the block ceases to exist as on the last date of 31st March of the accouning year.

But if the block of assets continues to exist as on the close of the year, then there will be no capital gains.

=Section 56 has been amended. -When any property/ flat or any capital asset is purchased for a considetation less than the Stamp duty value, then the purchaser of the capital asset shall be chargable to tax u/s 56

for the diference of the sale value paid and the stamp duty valuation of the capital asset as on the date of the transfer. This is the reverse case ,where instead of taxing the seller, the purchaser is taxed under the

head "Income from other sources" u/s 56. Subsequently, when the purchaser sells the capital asset, then he will be subjected to capital gains, by taking the stamp duty valuation as on the date of original transfer, as the cost of acquisition which will be reduced from the sales value.

-The Income tax assessments are being reshuffeled and the AO are allotted cases alphabet wise of the names ot the assessees. Aiyekar ampark kendra has started in each Income tax department.

=The credit for TDS will be allowed only in that year in which the tds deducted is actually paid by the deuctor wihin the time limit U/S 200. -irrespective of the method of accounting adopted by the payee-cash or merchantile. The said TDS should be reflected in 26AS statement of the relevant financial year.